Ever since old 500 and 1000 rupee notes have been declared not legal tenders in India, the search term “How to convert black money into white money” is trending on search engines. There are hoards of people who want to make something out of their stacked black money which are now mere useless paper. I have scoured the internet and come up with a few alternative grey hat tricks which can still be used to exchange legal currency in lieu of the older currency. These tricks are however highly discouraged and only for information purpose.
1) You can simply deposit them at bank with prior appointment (assuming you have loads of cash). Off course you’ll have to pay 200% fine or 90% tax, but 10% is still better than nothing right? The catch here is that you’ll have to explain the source of income and we know those are not legit
2) Go religious, visit temples, mosques etc. They have lots of small denomination currency. Exchange them with your old 500 and 1000 notes. Off course you need to have good contacts.
3) Hire a network of people and give them 2.5l each and ask them to deposit to their individual bank account. Get them to electronically transfer it to you later maybe after giving them some commission.
4) Do some charity. Yeah, why don’t just give those useless notes to poor people around you. You won’t recover the cash. But you will get well wishers and maybe services in lieu of it.
5) You can always buy small denomination currency at a premium from several vendors in your local area.
6) Donate to NGOs and exchange some portion of it with legal money.
7) This one is cunning. Go to banks, there would be thousands of people exchanging old currency for new one (Rs. 4000 daily). All they need is old currency and an ID proof. If you can manage to get hold of the ID proofs copies of even 1000 people, you can exchange Rs. 4000000 of your stock with valid currency everyday for the next 45 days. Off course you’ll need good connection with bank managers here (which I know you must be having )
8) Not sure if it would any longer but you might visit foreign countries and try to exchange at a foreign exchange counter. Some hell of a black tourism it sounds.
Here’s a video compilation with some of the ideas I have mentioned above :-
Please not that I don’t practice any of the above tricks I have mentioned, I don’t need to rather and I certainly don’t recommend anyone to do it either. It’s just a kind of social experiment I am conducting to see how many people come and read this post.